Mystery buyer spends $33m on two Queenstown apartments

The top two floors of a luxury apartment block in a $2 billion master-planned development in Queenstown have been picked up by a single buyer for more than $33 million.

The off-the-plan purchase of the penthouse suite and sub-penthouses in Lakeview Te Taumata’s Roto Collection is a multiple record breaker.

New Zealand Sotheby’s International Realty managing director Mark Harris told OneRoof the buyer had been waiting for a high-end opportunity like Lakeview Te Taumata to come along.

He wouldn’t disclose the buyer’s identity, except to say they had New Zealand residency and split their time between North America and Queenstown.

The 475sqm penthouse suite, which is set to offer clear views of the district’s mountain ranges and lakes, comes with five bedrooms, five-and-a-half bathrooms and a 37sqm balcony.

The buyer will also have use of a private wine cellar, gym and wellness centre and the option of a sauna.

Harris said the buyer planned to enjoy the property with their family but did not plan to combine the penthouse on level 12 with the sub-penthouses on level 11 to create a single mega-apartment.

"I think Queenstown is a very attractive place to live for a lot of people at this end of the market," he said.

Buyer activity in Queenstown showed no signs of fatigue, he said, noting that almost $100m in sales had been completed so far for apartments in the first two buildings of the Roto Collection, where prices start at $750,000.

The $33m-plus purchase sets a new benchmark for off-the-plan residential properties and apartments in New Zealand. It is also the country’s biggest residential sale this year, and follows a $40m-plus deal struck in Queenstown last year for a lifestyle property.

NZ Sotheby’s projects and development manager Myles Green said: "In a region where price tags for some of the most opulent luxury homes reach the $25 million mark, this sale sets a new benchmark for the apartment market in Queenstown.

"While buyers within this price range have traditionally gone for residences set within lifestyle acreage, there is a clear demand for the unmatched potential of amenity and location that Lakeview Te Taumata offers."

Lakeview Te Taumata is being built on the site of a former campground on Lake Wakatipu by a consortium that includes Melbourne-based developer Ninety-Four Feet, property company Centuria and Britomart Hospitality Group.

The developers announced the master-planned community in November last year. The project will take 10 years to complete and will include five residential tower blocks, stone-wrapped shops and restaurants.

Ninety-Four Feet development manager Charmaine Balchin told OneRoof it had engaged New Zealand Sotheby’s International Realty to gauge interest from the agency’s high net worth clients.

The consortium won a competitive bid with the Queenstown Lakes District Council back in 2019 for development of the former campground. Council subdivision and civil works started in 2020, and Balchin said the council were nearing completion of their infrastructure work.

"It’s really inspiring to see the precinct forming and we’re excited to bring this precinct alive with our layers. We anticipate starting construction of the first stage coming out of winter 2024," Balchin told OneRoof in November.

 - OneRoof